Nuked Life360 is scaling back its user data sales business to just two partners: Allstate arity and placer.ai. This news comes after the company announced a deal to acquire the item tracker tile in November.
For 2021, the company reported 42 percent revenue growth year-on-year. The data sales brought in about $ 16 million in 2020.
Life360 has a new data collection deal with placer.ai. The company says it is the start of its exit from the’traditional’ data broker business.
Placer.ai will have the right to commercialise solely aggregated data related to places visits during the term of the agreement. allstate/arity, which will continue, will continue to continue.
Life360 recognises that aggregated data analytics is the wave of the future. This partnership will enable us to spend less time navigating the rapidly evolving regulatory and platform environment, while reducing business risk.
The agreement includes a minimum revenue guarantee based on the size of Life360’s active user base. Life360 will also be receiving a 10 year warrant exercisable to purchase up to us $ 25M in placer.ai, which recently completed a US $ 100M capital raise.
Data from tile and jiobit devices is not, and will never be, sold or monetised,’ says the user.
Life360 CEO Chris hulls said partners would be sued for breaching their contract. Hulls responded in December that partners will be sued. x-mode or cuebiq would sell identifiable data to the government.
Life360 will need to know how fast the device in a car is traveling, calculate the G-forces of an accident, and ultimately signal back the location of the crash to authorities. How it will use the trip information for data insights other than driver safety remains to be seen.
